Global Halal Nutraceuticals and Vaccines Market Set to Soar Amidst Vaccine Hesitancy

The Global Halal Nutraceuticals and Vaccines Market is expected to clock US$ 108.7 billion by 2031 owing to rising Muslim population coupled with their growing demand for halal products.

Clairvoyance Research conducted an in-depth market analysis study of the global halal nutraceuticals and vaccines market. The study comprehensively analyzes the market from different perspectives and provides granular insights on hot revenue pockets, headwinds & tailwinds impacting the market, quantitative (market size & forecasts) and qualitative analysis on different segments, key strategies and competitive landscape.

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Key Market Trends

The ongoing pandemic of COVID-19 caused by Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) has affected almost every country worldwide, and resulted in severe outcomes, across all these regions. The first case of COVID-19 was found in Dec 2019 and by the end of September 2021, the count has surged to more than 232 million globally. Several organizations and prominent players are adopting strategies and making a collaborative effort to provide halal vaccines to Muslim majority countries. Muslim-majority countries are requesting companies manufacturing coronavirus vaccines to issue halal certification. The halal certification will ensure that the COVID-19 vaccines do not contain any ingredient that Islam does not permit its followers to consume, primarily alcohol and pork. In order solve this issue, Malaysian pharmaceutical company Pharmaniaga is planning to build the world's first "halal vaccine" facility by 2022.

The global halal nutraceuticals and vaccines market has been analyzed from three different perspectives – Type, Application and Region.

Key Takeaways – Application Perspective

The global halal nutraceuticals and vaccines market has been segmented majorly into seven distinct categories depending on application, viz. general well-being, immune & digestive health, heart health, bone & joint health, weight loss, sports nutrition and other applications. The immune & digestive health is expected to be the fastest growing segment during the forecast period. The growth of the segment can be attributed to the rising demand for immunity boosting supplements to support immune health, boost overall wellness and reduce anxiety in the face of the COVID-19 pandemic.

Key Takeaways – Regional Perspective

The global halal nutraceuticals and vaccines market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific dominated the halal nutraceuticals and vaccines market, followed by Rest of the World. The large share of Asia Pacific in the global market can be largely attributed to the presence of ~60% of the world’s total Muslim population in the region. Furthermore, rising demand for halal products and presence of prominent players in the region can also be attributed for the growth of the region in the global market.

Snapshot - Competitive Landscape

The halal nutraceuticals and vaccines market is marked by presence of prominent players such as Chemical Company of Malaysia Bhd., Abbott, Amway Corp, Agropur, NoorVitamins, Evonik, PT Kalbe Farma Tbk., Pharmaniaga Berhad, Divi's Nutraceuticals and Nutraleya. Other players operating in the market are AJ Biologics Sdn Bhd, Hak Cipta, Kotra Pharma (M) Sdn Bhd, Sky Resources Sdn. Bhd., Herbalife International of America, Inc., among others.

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